Yellen Confirmed As Fed Chairwoman

Jan 7 2014 | 2:07am ET

The U.S. Senate yesterday confirmed Janet Yellen to become the first woman to lead the Federal Reserve.

Yellen's nomination was easily approved by a vote of 56 to 26, with nearly a dozen Republicans joining the chamber's Democrats in backing the current Fed vice chairwoman. Still, Yellen's margin of victory was the smallest ever for a Fed chairman.

Yellen will succeed Ben Bernanke, who has led the central bank for eight years, on Feb. 1.

A former president of the Federal Reserve Bank of San Francisco, Yellen has been vice chairwoman of the Fed since 2010. She served as chairwoman of the Council of Economic Advisors under President Bill Clinton.

Yellen voted alongside Bernanke to begin cutting back on the Fed's bond-buying economic stimulus program last month. That may have eased her path with Senate Republicans, who have expressed concerns about the Fed's monetary policy.

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